• Achieved Group Copper Equivalent (CuEq) production of 35.5kt, almost 5% ahead of plan
• Retained focus on costs, with Underlying Operating Unit Costs at MATSA and Motheo better than full year guidance
• Net debt reduced by a further $61M to $62M, for a cumulative $283M reduction over the past year

Sandfire Resources Ltd reported its Q1 FY26 results, highlighting a Total Recordable Injury Frequency (TRIF) of 1.4 at the end of the quarter and no recordable injuries during the period. The company achieved Group Copper Equivalent (CuEq) production of 35.5kt, which was almost 5% ahead of plan, and has retained Group production, cost and capital expenditure guidance for FY26. At MATSA, CuEq production was 21.8kt, equating to 23% of FY26 guidance, while at Motheo, CuEq production was 13.6kt, equating to 22% of FY26 guidance. Sandfire maintained a sharp focus on costs, with Underlying Operating Unit Costs at MATSA and Motheo of $85/t and $42/t, respectively, marginally better than full year guidance. The company invested $7M in regional and $6M in near mine and extension exploration programs in the Iberian Pyrite and Kalahari Copper Belts in Q1 FY26. Sandfire also received the final regulatory approval for its new tailings storage facility (TSF) at MATSA and commenced early-stage construction activity. The company continued to support Sandfire America's review of the Black Butte project, with an updated resource and reserve statement and pre-feasibility study expected in Q2 FY26. Sandfire generated unaudited Group sales revenue of $328M and Underlying Operations EBITDA of $157M in Q1 FY26, with a further $61M reduction in net debt to $62M.

Sandfire has retained its Group production, cost and capital expenditure guidance for FY26, with volumes still expected to be weighted (48:52) to H2 FY26.